How to request a family loan (for upgrading an apartment)

This loan application can be made from 3 months before the marriage and up to five years after.

The family loan can be extended for five years, after consultation with the Family Support Commission. The loan can only be extended once. The application for extension should be made to the Department of Social Welfare and Social Services in the 4^th year of marriage.

To receive the loan your income must be neither above a certain limit nor below a certain threshold (as calculated by the Department of Social Welfare and Social Services).

i.e. The monthly household income, after deduction of rent and service charges, must exceed a threshold known as the "income threshold‘". 

However, this means test may be waived if applicants provide sufficient guarantees, such as a solvent third party acting as guarantor.

No household is eligible for a family loan if the household's monthly income, after deduction of rent and service charges, exceeds a threshold known as the "income threshold".
 

To apply for a loan to upgrade or equip an apartment you must provide:

• A letter addressed to His Excellency the Minister of State
• A certificate of Monegasque nationality of the spouse(s) concerned
• A copy of the marriage certificate and marriage licence, if applicable
• Quotes related to the purchases for which the loan is being requested
• A rent receipt
• The last 12 payslips or certificate of income for each partner
• If applicable, a copy of the birth certificate of each child

An appointment should be made with the Department of Social Welfare and Social Services for any further explanations regarding the loan in question, particularly regarding the maximum level of certain costs for quotes.

Your application should be submitted to the Department of Social Welfare and Social Services.

Payment

Before any payments are made an inspection will be carried out, at the home of the couple, by the Business Development Agency.

The payments will be made directly by the Public Treasury to vendors, judicial officers, contractors or suppliers.

A direct advance of a maximum limit of 20% of the total level of the loan may be approved.

Repayment

The couple are jointly and severally liable for the repayment of the loan.

The term of the loan is 10 years, free of charge, with a deferral period of 24 months.

Early repayment 6 months before the end of the loan period of all instalments entitles the couple to a 10% reduction in the total amount of repayments.